Tuesday, 2018.06.26 №52 WEEKLY ANALYTICAL NEWSPAPER www.defacto.mn

IV PAGE VI PAGEII PAGE

I N F O R M I N G | I N S P I R I N G | E M P O W E R I N G

ARTICLE REVIEWDeFacto

MONGOLIA'S LATEST ATTEMPT AT TAVAN TOLGOI

GOVERNMENT TO BUY UNSOLD APARTMENTS?

A BILL TO "REGULATE" CURRENCIES

LABOR DRAIN AND UNEMPLOYMENT

even by cars

ARTICLEDeFacto

Лхагва, 2018.06.20, №52 УЛС ТӨР, ЭДИЙН ЗАСГИЙН ДҮН ШИНЖИЛГЭЭНИЙ, БИЕ ДААСАН ДОЛОО ХОНОГ ТУТМЫН СОНИН www.defacto.mn

М Э Д Э Э Л Н Э | З О Р И Г Ж У У Л Н А | М Э Д Э Л Ж Ү Ү Л Н Э

ТОЙМДеФакто НИЙТЛЭЛНИЙТЛЭЛ

IV НҮҮРТVIII НҮҮРТ VI НҮҮРТ

Д.УЯНГА Б.БОЛОРСАЙХАНХүний эрх хамгаалагч бөгөөд “Бүх нийт боловсролын төлөө!” Иргэний нийгмийн үндэсний эвслийн Дэд зохицуулагч. Хууль зүйн магистр

Өмгөөлөгч, хууль зүйн докторЧИНДАОД ЮУ БОЛСОН БЭ?

ЖЕНДЭРТ СУУРИЛСАН ХҮЧИРХИЙЛЛИЙН СУДАЛГААНЫ ТАЙЛАН 2017

ОРОН НУТГИЙН НӨХӨН БОЛОН ДАХИН СОНГУУЛЬ

ГОЛОГДСОН БЕНЗИНМашиндаа ч

ТӨРД ИТГЭХ ИРГЭДИЙН ИТГЭЛ БА ШҮҮГЧИЙН ХАРААТ

БУС БАЙДАЛ ХҮЧИРХИЙЛЭЛ

ХҮҮХДИЙН ЭРХИЙН НЭГЭН АСУУДАЛ

PETROL REJECTED

even by cars

PETROL REJECTED

Chris MelvilleFounding Partner at Melville Erdenedalai LLP, Registered foreign lawyer (England)

DEVELOPING ETT

№ 436

ARTICLEDeFacto

JARGALSAIKHAN Dambadarjaa For weekly articles,

visit http://jargaldefacto.com/category/23

An acquaintance of mine brought in a Lexus 570 from Europe. “Every time I put A-92 petrol in, the engine light comes on prompting a health

check. Then I get a full diagnostics test and have the relevant part cleaned, but it doesn’t take long before the engine light turns on again. But, when I put so-called Euro petrol, the car runs much more smoothly and consumes less fuel. Unfortunately, there are only a few gas stations that offer the Euro petrol in the city, and you can’t even find A-95 in the countryside.” – he said in a disappointed voice.

When you dig a bit deeper, you will find out that the government does not impose any requirements on imported petrol to ensure its quality and efficiency, and the international emission standard that is currently in effect has not been updated since 1996 (meaning the

standard is Euro 2). Only ten per cent of total petrol sold in 2017 was in line with the Euro 5 standard, which means that the remaining 90 per cent was low quality petrol that is more harmful to human health and the environment, let alone that it is outdated by twenty-two years from where other countries are. Most gasoline importers are prioritizing sales over potential impacts on air pollution and public health.

While Mongolians use an octane rating to differentiate types of petrol, the more developed world has already spent 30 years measuring the emission of pollutants after combustion. Our two neighboring countries have started requiring that imported vehicles meet the Euro 5 (China 5) standards when it comes to petrol and diesel fuel.

There is a standard named MNS 5013:2009 for petrol engines (MNS 5014:2009 for diesel engines), which sets out the maximum acceptable level of toxic elements in the components of petrol and states the method of measurement. However, it doesn’t say anything about the most harmful elements to human health – nitric oxide and sulfuric dioxide.

A month ago the Ministry of Road and Transport Development said that there are 913,723 vehicles in Mongolia, 90 per cent (826,970) of which are cars, and 59 per cent of cars are in Ulaanbaatar. Eighty-two per cent of all cars, which is estimated to be 750,292 cars, are more than 10 years old, and 58 per cent have the driving wheel on the right hand side.

The elements emitted by all these vehicles constitute ten per cent of Ulaanbaatar’s air pollution. Cars emit over 260 elements, and the most harmful to human health include nitric oxide, sulfuric dioxide, carbon oxide, benzaphrine carbohydrate, ash, heavy metals (Pb, Ca, Hg,…etc), dioxin, and dust particles. All these toxic elements are measured and have legal limits in

developed countries.

Since 1990, the Euro emission standard has set limits on those harmful elements emitted from vehicles, and has been regularly updated. This standard is required to be met in Western countries on the basis that the toxic elements negatively affect human health in many ways, including respiratory diseases, allergies, cardiac diseases, kidney and liver diseases, damage to nervous system, negative effect on reproductive systems, and mental stress.

Research by the University of Leeds suggests that the European Union is saving 80,000 lives a year by adopting the Euro standard. This begs the question: How many people, including children, are losing their lives because most of the fuel used in our country doesn’t meet the standard and the government has failed to demand compliance and do something about it?

Public health in Mongolia is being negatively affected by air pollution and emissions from cars over 10 years old (4 out of 5 five cars). The lifetime of a car is divided into three periods of five years. In the first 5-year period,

MONGOLIA AND THE WORLD

even by carsPETROL REJECTED

2

ARTICLEDeFacto

Today Mongolia is full of cars in their third period. Given now we have already made the jump, it is time to focus on pulling the chute at the right time. So what should we do?

We have no choice but to stop allowing the imports of cars over 7 years old starting from 2020, impose higher taxes on cars over 5 years old, and impose a special tax on cars that have the driving wheel on the right hand side. In order to mitigate negative impacts on environment and health, it is time to update the current regulations in place and introduce an emission standard. Furthermore, we need to improve traffic oversight, enhance mandatory diagnostics, stop people from driving cars that are too old, or increase taxes.

Experts believe that the diesel fuel imported from Russia cannot be used for engines with the Euro 5+ standard. Also, it doesn’t meet storage requirements. Mongolia’s petrol suppliers and other relevant organizations need to take the helm in executing full implementation of Euro 5 and 6 standards.

Internationally, manufacturers are increasingly making cars that have low emission levels and clean engines, which means the number of car engines that can be used in Mongolia is decreasing. Today Mongolia has become

one of only a few countries using diesel fuel that doesn’t meet quality standards. The reduced opportunity to supply Western-made diesel engines will soon start affecting the construction and mining sectors as well as labor productivity. Manufacturers have been supplying vehicles and equipment with engines meeting the Euro 5 standard in recent years. However, the quality of petrol found in Mongolia is negatively impacting engine operations and making people lose value in their asset.

Norway is planning to put in place a complete ban on selling cars with petrol engines starting from 2025. France and Great Britain intend to do the same from 2040. Volvo intends to only make cars with electric engines from 2019, and both Jaguar and Land Rover have said that they will do the same from 2020.

Lately, Mongolian dealers have been demanding that the petrol imported from Russia must meet vehicle emission requirements, and regulations need to be revised. In addition, we need to allow the market to regulate the prices of petrol. For example, high quality diesel fuel costs one euro (~2,500 MNT) per liter in Germany, while Mongolia’s diesel fuel is sold at 2,000 MNT per liter.

Mongolia is fast becoming a dumping ground for Japanese vehicles with engines that use both petrol and electric power. These engines are harmful, and the reason people are not opposing it is that the public is not fully aware of its dire consequences. We are no longer sure how the used up car batteries and engine oil should be disposed of. Do we keep burying them in the ground?

It is time to give incentives for people to buy new cars by reducing the import taxes for newer cars and increasing it for older cars.

These decisions might generate disagreement from the public, but if we stay idle, the overall socio-economic costs will keep increasing.

There is nothing dearer than public health.

2018.06.20

PULLING THE CHUTE

cars are usually guaranteed by their manufacturer, meet all technical standards, keep emission levels within the

initial level, and rarely require repairs. In the second period when cars are 5-10 years old, cars will often be in the hands of a second owner, have irregularities in emission levels, and become prone to malfunctions or breakdowns. Most countries attempt to export these cars and start setting taxes and insurance at higher levels. When the cars transition into the third period, they tend to break down more frequently, have higher emission levels, and experience shortages in car parts. This is when both the owner and the country become desperate to get rid of the car, look for ways to recycle, or send them to less developed countries at a cheap price.

3

ARTICLEChris MelvilleFounding Partner at Melville Erdenedalai LLP, Registered foreign lawyer (England)

DEVELOPING ETT

Developing the vast Erdenes Tavan Tolgoi coal deposit has been one of the biggest strategic challenges that Mongolia has faced over the

past ten years, with various different unsuccessful attempts having been made. These range from the failed auction of 2010, the abortive international IPO in 2012-

13, the blocked deal with Shenhua in 2015, and on the operational side, a difficult contract with Chalco that has kept the business locked down to onerous long-term obligations, and the shift of operations from Macmahon to the mysterious TTJVCo. Meanwhile, the 1072 citizens shares issue remains unresolved and confusing.

The government’s latest proposals include a domestic and international listing of up to thirty per cent of the shares on the MSE and foreign exchanges. This is definitely a positive measure, that would give access to ETT for a number of different stakeholders, encourage positive and improved standards of corporate governance and hopefully at the same time resolve the 1072 shares issue. Certainly, as a first step, it would make sense to list ETT domestically on the MSE, giving

the MSE itself a significant boost, following on from the encouraging Erdene Resources dual listing earlier this month.

A domestic listing would also enable ETT to build up a track record of public

accountability and corporate governance, and work to improve its operational and financial

position before seeking an international listing.

For various reasons, it will be more difficult for ETT to list internationally.

There needs to be some convergence of the listing rules and legislation between Mongolia and those international exchanges where ETT shares might be traded. Taking Hong Kong as an example, the Hong Kong Listing Rules require an overseas company to demonstrate that its jurisdiction of incorporation there are shareholder protection standards at least equivalent to those of Hong Kong. These rules may be eased somewhat by the ongoing Innovative Companies Consultation launched by the Hong Kong Stock Exchange in February 2018 aimed at broadening the existing listing regime to facilitate the listing of emerging and innovative companies. However, it will be a significant challenge for Mongolia to demonstrate that its corporate governance and shareholder protection standards are at least as strong as those in Hong Kong.

An alternative would be for ETT to incorporate a special purpose company in one of the approved jurisdictions for listing, such as the Cayman Islands (where Mongolian Mining Corporation is incorporated). However, given the recent political furore over offshore jurisdictions, it would be a major stretch for a state-owned enterprise to attempt to list its shares from offshore.

Secondly, on the operational side, ETT remains tied into certain long-term contracts, such as the one entered into with Chalco. While the principal debt has now been paid off, according to media reports the contract terms remain substantially the same for a period of time, including pricing being tied to a Chinese based index. ETT has clearly benefited from an upturn in commodity prices, enabling it to pay off the debt associated with the contract and improving its financial position, but if this is correct, its freedom of manoeuvre may remain somewhat limited.

TRADING ETT SHARES

INTERNATIONAL LISTING

4

Another potential option for ETT would be to tap the international capital markets by issuing depositary receipts based on underlying MSE listed shares. This is a route that has been adopted by many Russian companies whose corporate governance was

traditionally not robust enough to obtain a primary or secondary listing on international stock exchanges. This is worth investigating if a full international listing is too much of a short-term challenge.

Another issue for ETT derives from the blocked Shenhua transaction in 2015. One of the reasons this transaction was rejected, not necessarily a bad decision for Mongolia in my opinion, was linking development of ETT with development of the railway network. If the government proposes to continue to develop these as one project, there is a risk of there being too many political and other stakeholders to make meaningful progress. The capital expenditure required to develop

railway infrastructure is enormous and needs to be considered from a strategic perspective in the interests of the country as a whole.

It may be preferable to de-link ETT and railway if politically feasible and

concentrate on the development of ETT and the Gashuunsukhait border railway link as

two entirely separate projects, but proceeding on a parallel timetable.

While the power solution for Oyu Tolgoi remains a hot topic of discussion, the development of the Tavan Tolgoi Power Project (TTPP) remains a good option for Mongolia. The plant is designed primarily to support Oyu Tolgoi, but if developed independently, could be expanded by including additional units to support the national grid. This would enable TTPP to act as a power hub, supporting regional development over the long term. On the other hand, if OT is required to develop its own power solution, the Mongolian government would effectively be paying for 34% of the project through its

shareholding in OT.

The main issues with developing TTPP are a shortage of available finance, due to the fact that commercial lenders and IFIs are no longer supporting projects based on coal. Secondly, political risk associated with OT is a concern for potential lenders and investors. The more OT is pressured, or perceived to be pressured, the more difficult it is to progress with ancillary projects such as TTPP which depend on the stability of the OT project.

As one of the largest coal deposits by reserves in the world, Mongolia needs to find a good solution for the development of ETT. A domestic listing in the first instance would be a positive step, may resolve the long-standing 1072 shares matter, and improve corporate

governance. While an international listing may be a challenge, it is a worthy aspiration. As for power, pursuing TTPP with ETT as the primary source of coal for the power plant remains the better option for both Mongolia and Oyu Tolgoi.

June 2018

DEPOSITARY RECEIPTS

LINK TO RAILWAY INFRASTRUCTURE

POWER INFRASTRUCTURE

CONCLUSIONS

5

Every Sunday live at 8pm on VTV television: 24th June, 2018For weekly reviews, visit http://jargaldefacto.com/category/12?lang=en

REVIEWDeFacto

MONGOLIA'S LATEST ATTEMPT AT TAVAN TOLGOI

A BILL TO "REGULATE" CURRENCIES

On Thursday, the Mongolian government submitted plans to parliament to list a chunk of the state-owned company that holds the Tavan Tolgoi coal mine. Minister of Mining and Heavy Industry D. Sumiyabazar presented a bill to Parliament proposing the sale of up to 30 percent of the project on domestic and international stock markets.

Presenter: What are your thoughts on these plans and proposal?

Munkhdul: Well, this is not the first attempt that the government has made to raise capital through an IPO of Tavan Tolgoi. The parliament resolution that was introduced changes some articles from a previous parliament resolution which was passed in 2010. This was the first state attempt to privatize Erdenes Tavan Tolgoi, which holds a majority shares of the Tavan Tolgoi deposit. As I just mentioned, we previously attempted to list it on domestic and international exchanges but this has not happened in the last 8 years. The basic idea of the resolution is parliament asking the government to give the mandate to negotiate some of the big issues that are facing Tavan Tolgoi, mainly the railway issue, which is crucial to making Tavan Tolgoi more economically viable than it is right now. Other major issues are the power plant and building of roads. Previous attempts separated these issues. So, for the deposit itself, there was a resolution, and then we had a different resolution as well for building the railways. In this instance, the government is trying to develop the whole entire infrastructure behind the deposit as well rather than just the deposit. The specifics are still not clear but the government is

trying to get a mandate to negotiate the specific of it. As I’ve said, previous attempts have failed, even with parliament backing of the government. There was an investment agreement introduced to parliament just before the end of former prime minister Saikhanbileg’s term, towards the beginning of 2016, which has already been killed by parliament because they did not like the fact that some Chinese and local companies were involved. However, this time, the political party in power is different so there’s a chance that it might move ahead but a lot of the specifics are still missing. People will not buy shares of Tavan Tolgoi without having the railway issues resolved so it’s still not clear who will be funding it and financing it. As the funding raised from the IPO will not be enough to finance the railway and the railway itself is around a $1 billion project. [continued…]

Presenter: To what extend do you think we need to focus on these projects?

Munkhdul: I think getting TT moving is crucial to the short-term, medium-term, and long-term future of our economy; major projects need to move ahead if we want to have a stable economy in the future. But the commodity cycles we are facing right now is good, probably at the top, but it is inevitable that coal and copper prices will come down. So, these major projects need to move at the right time, not when it’s bad. It’s important to get Tavan Tolgoi moving ahead but timing is also an issue. Mongolia is two years away from an election and most political campaigns start a year ahead so we probably have only a window of about one year to get this project moving. Time is of the essence for the Mongolian economy.

Amendments to the Law on Currency Settlements will be made in order to make currency market more transparent and develop it in line with international standards.

Presenter: This amendment will directly impact major exports. What effect will this law have on major companies if approved?

Munkhdul: I think that the goal of the bill is good and honorable, which is to have all of our export revenue go through our local economy first before it exits out of Mongolia. But in reality, big major international companies such as Rio Tinto, which the bill specifically targets, don’t trust the stability of our financial system. If they keep all their export revenues in a local bank, or what the bill is trying to do is keep the money in an account at the central bank now. That would create problems where it would be in breach of the OT investment agreement and I’m expecting next week for Rio Tinto to

come up with a public or closed statement saying that if this bill gets passed that they will have to move the next level of dispute which will be international arbitration. This is not the first attempt that we are trying to force OT into bring all that money into the local system. If I remember correctly, in 2016, there was a bill introduced to parliament to specifically force OT into bringing their export revenue and keep it in the local banking system; but now, what they’re trying to do is take it up another level where the central bank is going to be acting as a commercial bank for big companies. So, can a central bank do this and is this what central bank is supposed to do? They’re supposed to be the regulator of inflation, currency, and act as a bank for commercial banks, not directly to businesses. This bill will probably create a lot of heated discussion in parliament where some of the populists would say that this is right and we need to keep major investors in check. [continued…]

Presenter: How will the amendment effect the growth of currency reserves?

6

This review has been edited here for space and clarity. You can watch the full 30-minute

review on the Defacto website [HERE].

REVIEWDeFacto

GOVERNMENT TO BUY UNSOLD APARTMENTS?

LABOR DRAIN AND UNEMPLOYMENT

According to a working group at the Ministry of Construction and Urban Development, 72,000 housing units are being built. Out of these, 59,000 are in the capital and 12,000 in rural areas. Also, out of these, 6,390 apartments have not been sold yet.

Presenter: Do you think it is appropriate to utilize the state budget to buy unsold housing units?

Munkhdul: Well this is not the first time that the government is trying to subsidize their public servants with free or cheap housing. In the last 6-7 years, when the economy was booming, all of the ministries government agencies and state-owned companies financed a lot of subsidized housing for their employees. But I would say this is not the right way to convince public servants to keep working at the government or attract talents to the government. This is sort of a legacy from our socialist days where the employer, which was the state, was responsible for all of the social needs of their employees such as housing, school, and health. I don’t think this is the right way for the government to be spending their money to attract talents. I think one reason why they’re trying to do this is because there’s a need to increase the salaries of public servants. Low salary is blamed for a lot of corruption in the low and mid-level government officials; but we are constrained by the IMF’s EFF program where we cannot increase public

salaries for another year or two. So, the government seems to be trying to circumvent that by giving free housing to public servants. [continued…]

Presenter: In developed countries, the markets generally determine the housing prices. So, what should the government’s role be in the housing market in Mongolia?

Munkhdul: The first thing that the government should do is to create a more stable economic environment where construction companies can plan these kinds of thing ahead and try to forecast the economic future. These excess housing units are there because they start construction during economic booms and the construction phase, obviously, takes a while, around one or two years. And I agree with you that some business sectors should be left alone for the market to dictate the prices. Actually, the housing prices are increasing again this year after falling for three consecutive years. So, I would actually say that the construction sector is picking up because the economy is picking up, so I think that if these houses are left alone, they will be sold again and there are more funding coming into the Mongolian mortgage corporation where subsidized mortgages will be available. It was inevitably going to happen and get sold anyways so what the government is trying to do a very political and populist move.

During the first quarter of 2018, unemployment rate was 9.7 percent. Rates of unemployment have been above 9 percent since economic growth from 2011 to 2013. Over the past 3-4 years, due to economic difficulties, unemployment levels have been reached 10 percent.

Presenter: Last year, unemployment rate was around 8.8 percent, so what has caused this increase?

Munkhdul: I would actually say that because the economy is picking up, unemployment numbers are up. It doesn’t sound correct but you have to understand how these unemployment numbers are calculated. So, unemployment level is calculated by people who are unemployed but are actively looking for a job. If you are unemployed, but not looking for work, you

are not going to be counted as an unemployed person. You get registered as an unemployed person by going to the Mongolian labor exchange or register yourself as employed but actively looking for jobs. Thus, that’s why I’m saying that because the economy is picking up, more people are probably looking for work and are incentivized or have the hope that they will find jobs, so now they are actually looking for work. That’s why you probably saw the unemployment rate go up in the first quarter. But the actual unemployment numbers are even higher than 10 percent, perhaps close to even 30 percent.

Munkhdul: Well, theoretically, if more money is kept inside Mongolia, of course, that will increase our foreign exchange reserves but most of the money that OT is making is being spend on development of it. So, a lot of it will come into Mongolia for one second and the next second, it will go out of Mongolia again so will this really help increase our foreign

exchange reserve, I would doubt that at the moment. When OT is still in the development stage, I think it will falsely balloon, increase, the foreign exchange reserves but in reality, not a lot of money will be kept in Mongolia where it can be used to control the foreign exchange.

7

HIGHLIGHTS

DBiAA Annual Meeting is an "one-stop event" for aspiring micro, small, and medium sized enterprises (MSMSEs) looking to enter or expand their operations across Asia, with a focus on Southeast Asian markets.

The event provides an insightful and strategic discussion and knowledge-sharing platform, fun and effective networking and partner-matching opportunities, as well as previews of boutique business and professional services that will give your business expansion power.

Learn how to grow your business strategically and sustainably in Asia, particularly in Southeast Asia, from our international panelists, all business owners and consultants themselves, such as:

Immerse and engage in the following topics that are relevant for any businesses and leaders in strengthening and expanding their businesses in Asia:

Sign up for a pitching slotto reach your potential partners or investors

FOR DETAILS, PLEASE VISIT: www.dbiaa.org

Join a cultural tour to Manila'smost well-preserved historical site!

LUIS ARCANGELChairman / Montgomery Fitch & AssociatesA multinational holding company, headquartered in Manila

CONNIE DA CUNHAFounder & CEO / Nexus Sovereign Group PTY Ltd,Investment and project management consultancy company, Australia.

CHERYL CHONGHead, Private Investor Division / FundedHere equity and debt crowdfunding platform, Singapore

PRASHANTA PRADHANBusiness Strategist and Economic Policy Advisor, based in Cambodiaworked in multiple locations across South and southeast Asia

ASIAN MACROECONOMIC AND POLITICAL OUTLOOK

OPPORTUNITIES AND CONSTRAINTS OF THE MSMES IN ASIA

ASIAN INDUSTRIES OF THE FUTURE

TRENDS IN MANUFACTURING AND SERVICES OF ASIAN

MOBILE APPLICATION

EDITORIAL BOARDJargalsaikhan Dambadarjaa Christopher Melville Garrett Wilson

CONTACT US:editor1@jargaldefacto.com +976 94109342www.defacto.mn

Subscribe or renew your subscription at www.jargaldefacto.com and www.defacto.mn websites.

EXECUTIVE:Editor-in-chief: Javzmaa Ganbaatar James E. Kaemmerer Amar Batkhuu Bilguun Otgonsuren

Team:

Ø MONGOLIANØ ENGLISH

Ø JAPANESE

HIGHLIGHTS

DBiAA Annual Meeting is an "one-stop event" for aspiring micro, small, and medium sized enterprises (MSMSEs) looking to enter or expand their operations across Asia, with a focus on Southeast Asian markets.

The event provides an insightful and strategic discussion and knowledge-sharing platform, fun and effective networking and partner-matching opportunities, as well as previews of boutique business and professional services that will give your business expansion power.

Learn how to grow your business strategically and sustainably in Asia, particularly in Southeast Asia, from our international panelists, all business owners and consultants themselves, such as:

Immerse and engage in the following topics that are relevant for any businesses and leaders in strengthening and expanding their businesses in Asia:

Sign up for a pitching slotto reach your potential partners or investors

FOR DETAILS, PLEASE VISIT: www.dbiaa.org

Join a cultural tour to Manila'smost well-preserved historical site!

LUIS ARCANGELChairman / Montgomery Fitch & AssociatesA multinational holding company, headquartered in Manila

CONNIE DA CUNHAFounder & CEO / Nexus Sovereign Group PTY Ltd,Investment and project management consultancy company, Australia.

CHERYL CHONGHead, Private Investor Division / FundedHere equity and debt crowdfunding platform, Singapore

PRASHANTA PRADHANBusiness Strategist and Economic Policy Advisor, based in Cambodiaworked in multiple locations across South and southeast Asia

ASIAN MACROECONOMIC AND POLITICAL OUTLOOK

OPPORTUNITIES AND CONSTRAINTS OF THE MSMES IN ASIA

ASIAN INDUSTRIES OF THE FUTURE

TRENDS IN MANUFACTURING AND SERVICES OF ASIAN